Shi, a representative of Fosun, will move to the West Midlands next month to be involved on a "day-to-day basis".

He led negotiations last July as Fosun completed their takeover of the club from Steve Morgan.

Jeff Shi representative of Fosun Group

“Since Fosun became owners of the club, I have travelled over from China on several occasions, and it has always been a strong intention that I would relocate when the time was right,” said Shi.

“It feels like the natural thing to do to now, to move over to Wolverhampton, and to be fully engaged with the club on a day-to-day basis.

“Previously there were a lot of phone calls, e-mails and WhatsApp communication, but now I will be able to enjoy more face-to-face contact with Laurie, Kevin and Nuno, as he settles into his role as Head Coach.

“I think this will help us to work together even closer, and make our leadership team even stronger.

“It is obviously a proud moment for me to become the Chairman of such a great club as Wolves.

“Despite the season having its highs and lows, I have enjoyed every minute of the challenge so far, and I believe we are well placed to make sustained and consistent progress over the next 12 months.

“I just want to repeat my thanks to supporters for their welcome and their backing over the last year, and I look forward to meeting more of them when I move over in July.”